Ardagh Glass Finance plc - Irish Stock Exchange

Fraudulent Transfer Provisions of General Applicability Including During Bankruptcy
Under Italian law, in certain circumstances, also in the ordinary course of business, an action can
be brought by any creditor of a given debtor within five years from the date in which the latter enters
into a guarantee, an agreement and any other act by which it disposes of any of its assets, in order to
seek the ‘‘revocation’’ (which consists of a declaration of ineffectiveness as to the acting creditor;
‘‘azione revocatoria’’ foreseen by art. 2901 of the Italian Civil Code) of the said guarantee, agreement
and other act that is purported to be prejudicial to the acting creditor right of credit. An Italian Court
could revoke the said guarantee, agreement and other act only if it, in addition to the ascertainment of
the prejudice, was to make the two following findings:
• that the debtor was aware of the prejudice which the act would cause to the rights of the acting
creditor, or, if such act was prior to the existence of the claim/credit, that the act was
fraudulently designed for the purpose of prejudicing the satisfaction of the claim/credit;
• that, in the case of non-gratuitous act, the third party involved was aware of said prejudice and,
if the act was prior to the existence of the claim/credit, that the said third party participated in
the fraudulent design.
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